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Health Savings Accounts What Is A Health Savings Account How Will I Save Money With An HSA How Can I Fund My HSA What Can I Use My HSA Funds For How To Set Up Your HSA Account
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How Will I Save Money With An HSA

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With a Health Savings Account, you have more control over how your health care dollars are spent, you'll save money on health insurance premiums, and you'll be eligible for significant savings on your taxes. A Health Savings Account will help you:

• Save money on health insurance premiums. By switching from a low-deductible health plan to an HSA-qualified high-deductible health plan, you'll cut the cost of your health plan substantially. You can then deposit the savings gained into a Health Savings Account.
• Save money on your income taxes. Deposits made to your HSA are 100% tax deductible. Interest that accrues on the money in the account is tax-deferred.
• Save money tax-free for health expenses. Withdrawals from your HSA for qualified medical expenses can be made at any time with no penalties. Withdrawals that are used to pay for qualified medical expenses are always tax-free.
• Save money tax-deferred for retirement. Whatever money you don't use in your HSA rolls over from year to year. Any money left in your HSA when you turn age 65 is yours to use for any purpose. You'll just pay normal income tax on the money you withdraw for non-medical expenses. Withdrawals for qualified medical expenses are never taxed.